London-listed life sciences firm agrees £150m debt financing facility with HSBC
Life Science REIT has agreed a £150m debt financing facility with HSBC, in a bid to fund new life science properties across the Golden Triangle: London, Oxford and Cambridge.
The deal, in what will be the company’s first borrowing agreement, is made up of a £75m three-year term loan facility and a £75m revolving credit facility.
The London-listed company, a real estate investment trust focused on UK life science properties, has not yet withdrawn from its newly unveiled cashpots.
The debt facility is already secured on the properties Life Science has bought post-IPO, the company said in a regulatory filing.
Managing director of the company’s investment adviser, Ironstone Asset Management, Simon Farnsworth said: “The debt facility announced today provides us with the flexibility to improve the efficiency of our balance sheet as we continue to make significant progress on a number of acquisition opportunities whilst also enhancing our financial resources.”
The company, which launched on the London Stock Exchange in November last year, has completed five acquisitions worth more than £184m post-IPO.
It takes Life Science’s net asset value to around £350m, according to unaudited results published earlier this month, in the company first valuation since its float.